Theoretically, lower oil prices mean some resources will cease to be economically viable and will have to be written down. “How much will be written down?”is a question that we frequently get asked. Gran Tierra (TSX:GTE) gives us first look, although it is a special case.
The Colombian Petroleum Association (ACP) has released a report on its members’ spending on Corporate Social Responsibility (CSR) programs, but budget cuts for social programs loom for 2016. These and other CSR related stories in our periodic summary.
The Finance Minister Mauricio Cárdenas gave an interview in the World Economic Forum’s annual Davos meeting and insisted that Colombia’s economy is successfully weathering the turbulence of the continued fall in oil prices. Meanwhile back in Colombia, doubts arise as to how to finance the government’s National Development Plan.
The granting of an environmental license for production blocks in the north of the Caquetá Department has local authorities, communities and press sounding the alarm and now a committee has been formed to address production in the area.
Three decades ago the first barrel of crude was extracted from the Caño Limón well in Arauca, and a national paper traces the good, the bad and the terrible that oil production has brought to the department, and its role in the national industry.
The USO said that its presence has been critical to support community residents in Monterrey, Aguazul and Tauramena who are protesting Ecopetrol’s decision to eliminate transportation for contractor workers, which it says is another sign of the NOC using the oil price crisis as an excuse to weaken worker rights.
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